Sound Energy (LON: SOU) has completed the sale of a 55% interest in the Tendrara concession and a 47.5% interest in each of the Grand Tendrara and Anoual exploration permits in Morocco. There will be a $12m payment in phase 1 and $1m in phase 2 development back costs. Sound Energy will retain a 20% interest and will be carried for up to $24.5m in future phase 2 development costs. There will be a further $1.5m payment after first gas production. The share price jumped 30.8% to 0.85p.
Video streaming technology developer Aferian (LON: AFRN) 2023-24 full year revenues will be around $26m after a stronger second half. Aferian moved into profit in the second half, but it still made a full year loss. There are $18m of revenues already contracted for this year. Net debt has been reduced to $12.5m. The share price recovered 23.1% to 4p.
Sancus Lending (LON: LEND) chairman John Whittle acquired two million shares at 0.39p each and chief executive Rory Mepham bought three million share at an average price of 3.6p/share. Sancus Lending spent £2m on buying back ZDP shares funded by an issue of bonds for the same amount. That leaves 16.3 million ZDP shares, and the quotation will be cancelled. The ordinary share price rose 14.3% to 0.4p.
Ascent Resources (LON: AST) has updated shareholders on the insolvency of its former joint venture partner in Slovenia. A final list of creditor claims has been completed, including Ascent Resources claim. The court has approved a conditional claim of €3.04m and €2.7m out of a claim of €7.78m relating to the production of the joint venture. Ascent Resources intends to submit a claim for a greater payout from the production. This all depends on the final value of the estate. The share price increased 12.9% to 1.75p.
Automotive connection systems supplier Strip Tinning (LON: STG) says that the lifetime value of nominations has risen 12% to £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be £9.3m by the end of 2026. A £3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of £27m. The share price rebounded 11.3% to 39.5p.
FALLERS
Rockfire Resources (LON: ROCK) says the retail offer was five times oversubscribed and raised £300,000 at 0.12p/share. In total, £1.02m was raised. Rostra Holdings owns 12.2%, TPM Middle East 7.92% and The Wonderful Group 7.82%. The cash will be spent on the Molaoi project in Greece. The share price declined 16.2% to 0.155p.
Oil and gas company SDX Energy (LON: SDX) shares continue to fall ahead of its departure from AIM. If shareholders agree, then the quotation will be cancelled on 9 January. The share price slipped 15.4% to 0.55p.
Alba Mineral Resources (LON: ALBA) is continuing drilling and blasting at Clogau and there is visible sulphide mineralisation in the blasted rocks and visible gold in blasted ore. Processing will start shortly. However, progress is lower than anticipated. Sampling has started at the optioned projects at Finnsbo and Norrby in Finland. Management has visited the optioned gold projects in Tanzania. The share price dipped 5.36% to 0.0265p.
Mosman Oil and Gas (LON: MSMN) says that its partner Georgina Energy has received written notification of consent from Aboriginal landowners for exploration of EPA155 in the Amadeus Basin. Final negotiations should take up to three months. Georgina Energy is earning a 75% interest in the licence that is currently 100% owned by Mosman Oil and Gas. The share price is 5.63% lower at 0.0335p.